Palm oil Likely To Trade Downward Bias This Week

oil futures


KUALA LUMPUR:Palm oil falls to a three-week low Once the contract reaches this low, it will be confirmed as a continuation of the downtrend that began with the April 29 high of 7,229 ringgit. As a result, it will be unlikely that the contract will resume the uptrend that started at 3,721 ringgit.

A wave c, which was confirmed by the fall on March 10, may cause palm oil prices to fall further into the range of 4,006-4,052 ringgit per tonne. From 3,931 ringgit to 4,052 ringgit, a wide target zone is revealed by projection analysis.

Also Read : Palm oil Market May Trade Between 3700 – 4200 Ringgit ; Analyst Abdul Hameed

The wave c likewise notices a bunch of projection levels on the upturn from 3,849 ringgit.

A break above the 100% projection level of 4,153 ringgit could result in a gain into the 4,197-4,225 ringgit range.

Also Read : Palm oil Stocks Slumps 6.56% In Feb ; MPOB

The contract failed to stabilize around the wave 4 bottom on the daily chart.

It will probably fall more toward the wave 2 bottom, around 3,907 ringgit.

While rivals edible oil and CBOT corn is likely to begin a bounce after finding support at $6.09-1/4 per bushel. From the high of $6.84-3/4 on Feb. 14, the contract is riding also wave 5,

This indicating its completion could seen in the fact that wave 5 may divided into five smaller waves. Fixing the wave five’s ending point is typically very difficult to Stable.

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